Jumat, 12 Agustus 2011
Modern Internasional (MDRN.IJ, BUY) – Making good progress - Kim Eng
We reiterate our BUY recommendation and TP of Rp3,250 (2012F and 2013F PER of 34.7x and 17.9x) for Modern as progress has been on track. 7-eleven margin improved in 1H11 by 3ppts to 35.7%, and there is still room for further improvement as the company completed enlarging combined distribution center.
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